Here's the real truth about money and happiness

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Transcript

00:00To what extent does money even buy happiness?

00:03Some of the research that we have in behavioral finance is that if you are already a sad, depressed, anxious person,

00:11earning more money is probably not going to do a lot for you.

00:13If you are already a happy, content, joyful person, earning more money can massively enhance your life.

00:20It basically leverages who you are in either direction.

00:23And so there is a long list of things that you can purchase money and use money to give yourself a better life.

00:28That exists.

00:29There is an even longer list of what it will not do for you.

00:32And I think there are a lot of people who will wake up in the morning with a little bit of a hole in their life.

00:36They feel a little bit unfulfilled.

00:37And the knee-jerk reaction is very often, if only I had more money, these problems would go away.

00:42To some extent, that can be true.

00:44This is not black and white, but it is too easy to make that assumption when there's actually bigger things in your life

00:48that are causing the problems that money will not play much of a role in enhancing.

00:52if you would have more money on addiction, it will make that question, not at all.

00:55Here we go.

00:56We'll be there for you.

00:56You